By Theophilus Keme
Leadership is one thing we all must agree isn’t easy, no matter the type of leadership position one is accrued into, be it by experience or by birth, or in the contemporary family, Cooperation. Matter of fact any leadership be it formal or informal appointment still isn’t as easy as we all think, despite it does come with some impunity and special benefit, the point still remains that being in the position of a leader is one of the hardest responsibilities here on earth, even as a duty for we as humans.
November 12, 2022, I had casually asked us a question here regarding CBN Governor Emefiele’s Fate, this is if he had been able to redeem back his once stout honor as a person and as a Nigerian by the move of making a redesign of currency notes at the peak of an election battle, as it seem that was the last straw of change he and his principal, Buhari had promised Nigerians. This action however which seem was his biggest undoing, turned out to be a dilemma which was slightly but also widely criticized by Nigerians, perhaps more criticized that it had provoked the current predicament emefiele is today.
Godwin Emefiele by record was the second-longest-serving governor of Nigeria’s central bank. Appointed in 2014 by then-President Goodluck Johnathan to head the central bank of Africa’s biggest economy, Emefiele became the second-longest-serving governor of the bank after his tenure was renewed by former President Muhammadu Buhari.
(To put it in record, not that I find delight in seeing anybody drag to the mud, or inflicting salt to an already open wound, but I find it necessary that errors in our society should be spoken of, as they will at least become a sort of education and as a warning of correction to make anyone who wants to go same route to think twice of the repercussions.)
This track record to have been in governance for long should inadvertently mean he had visions for the monetary policy of the country and he had risen to the top of his career by experience and qualification and not by whatever yes-man to those who put him in position.
So what could have actually tempered with the emefiele’s magical economic prowess for him to be dragged through the dirty mud of Nigeria today, when he was only performing his duty as an appointee!
People talk about the independence of the CBN, least the forget, the CBN governor could not have acted without the imprimatur of the president of Nigeria at that time- Muhammadu Buhari, under Section 19 and 20 of the CBN Act, and all the powers given to the president of Nigeria, under Section 5 of the constitution. So, if Emefiele did anything, this he must have acted upon on the authority of the president.
By convention, central bank governors operate in the shadows, maintaining a distance from politics. But it has seem from all analysis that Emefiele played an outsized role in both politics and the economy as the governor of the apex bank, which isn’t debatable that might be the reason for the controversies that have become part of him. Or could it have been that he was relatively forced by Buhari administration into having more interest into politics than he should?
In 2015, as foreign reserves took a hit, the CBN placed 41 items including staple commodities like rice, cement and clothes on foreign exchange restriction. The idea was not only to encourage local production of these products, but also to prevent the importers of these commodities from accessing the increasingly scarce United States dollars in the official market.
To arrest the slump of the naira, Emefiele took several unorthodox steps like a commander in army at war in Sambisa forest, ordered the cutting of trees where black market vendors worked in the capital; placed a ban on cryptocurrency trading, a burgeoning alternative initiative popular among young people hedging their money against rising inflation; and banned a website that reported the value of the dollar in the black market, among several other measures. These further worsen the state of the economy than it was projected to help.
That aside, fast forward to the currency design which dragged a toll on his image, a move that birthed a cash crunch as Nigerians became in relay race to depositing old currencies in anticipation of getting new notes in return and not to having old currency in possession before the given deadline. The seemingly official reasons according to Emefile and caucus they say; were to bring excess cash back into the banking system and institute a cashless system in line with the introduction of the ill-fated eNaira, its digital currency, in 2021. Till now I doubt the eNaira has been functional as I myself I’ve never made any sort of transaction with it.
To catch up to time, it was alleged that the current predicament and law suit experienced by Godwin Enefiele is as a result of personal vendetta from President Tinubu. As it was alleged that during the Governorship election, that the apex bank has released N500 million in new bank notes to shore up the campaign of the Labour Party (LP) in the state. Considering Lagos is Nigeria’s economic nerve centre and the stronghold of the President-elect, Asiwaju Bola Ahmed Tinubu. It was targeted that the N500 million windfall was mobilised through high-level CBN agents in Lagos as a contribution to the takeover of Lagos-from- Tinubu’s-influence, now that he has become the president-elect and will be relocating to Abuja”.
This also did Emefiele refuted that it was a lie from the pit of hell. That it is completely false and malicious. Also, Kaduna State Governor Nasir El-Rufai had said that the CBN governor resolved to work against Tinubu because he failed to get the APC presidential ticket.
Godwin Emefiele currently seem to have a lot to say in court as the charges levied against him need justification. First is about the ParisFund. Threat bothers on Emefiele’s failure to appear in court and explain the circumstances surrounding a $53 million judgement debt arising from the Paris Club refund
The court and judge magnanimously and of pity granted one final chance for Emefiele and the CBN to show cause by October 31, 2023, as to why an arrest warrant should not be issued against the former CBN governor.
Secondly, the DSS, in a desperate move to obtain an order for his arrest, the SSS had stated on oath in December 2022 that Mr Emefiele was sponsoring the outlawed Indigenous People of Biafra (IPOB). Which till date no substantial evidence has been provided.
In a slew of weighty allegations, the SSS accused him of sabotaging President Muhammadu Buhari’s administration, financing terrorism, aiding and abetting terrorism, and committing other economic crimes to undermine Nigeria’s national security.
The agency also accused Mr Emefiele of mismanaging the CBN subsidiary, NISRAL, and the central bank’s Anchor Borrowers Programme. The Chief Judge of the Federal High Court, John Tsoho, who heard the SSS’ application for an arrest order against Mr Emefiele, had dismissed the request on the grounds of improper procedure. Now by not first of all upholding the rule of Law, the DSS has quickly file charges on Godwin Emefiele, on the charges of illegal possession of firearms and ammunition.
In the newly filed case, the agency accused Mr Emefiele of possessing a single-barrel shotgun without a licence; an offence said to be contrary to Section 4 of the Firearms Act, and punishable.
In the second count, the SSS charged him with illegally possessing 23 rounds of live ammunition (cartridges) without a licence. The offence is also said to be contrary to Section 8 of the Firearms and punishable under Section. This charges which are rather are more of downgrade of much weightier allegations of terrorism financing and economic sabotage the SSS levelled against the suspended CBN governor.
Whilst he awaits judgement come 25th, as the Federal High Court in Lagos has fixed Tuesday (25 July) for the arraignment of the suspended Governor. it will be said Emefiele’s reputation and fate of monetary and political saga is one which will be remembered and be a lesson for the next Governor of Apex and a strong lesson to any other prominent member of any sensitive position in the states not to juxtapose politics with their personal offices.
